The Following Normal Account Balances Were Found on the General

question 98

Multiple Choice

The following normal account balances were found on the general ledger before closing entries were prepared: After closing entries are posted, what is the balance in the Cash account?

• A)$800
• B)$0
• C)$300
• D)Closing entries do not affect the Cash account.

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Definitions:

Executor

An individual appointed in a will to manage the deceased's estate, responsible for settling debts and distributing assets to beneficiaries.

Per Capita

A distribution of property in which each member of a group shares equally.

Predecease

To die before another person, often used in the context of wills and inheritances.

Grandchildren

The children of one's own child, forming the next generation in a family lineage.